“15-day deadline for PSBs to take pre-emptive action and identify gaps, weaknesses to gear up for rising operation and tech risks; To learn from best practices and pinpoint strategies including tech solutions; clear accountability of senior functionaries,” Kumar said on micro-blogging site Twitter.
Managing directors of state-run banks have been directed to detect frauds and any wilful default in time and refer cases to the CBI. They have also been asked to involve other investigative agencies such as the Enforcement Directorate (ED) and Directorate of Revenue Intelligence (DRI) for any foreign exchange violations. It said that bank boards will assign “clear accountability” to senior functionaries for implementation and compliance of the best practices from the banking sector.
The banks have been asked to do “prompt fraud identification” and action within prescribed time limits. The chief vigilance officer (CVO) has been told to “vet compliants” and coordinate with the CBI for bad loans exceeding Rs 50 crore. Any reported fraud has to be for wilful default, according to the latest guidelines from the government.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
